AgroSavfe will use the funding for the development, registration and commercial-scale production of its biofungicide and bioinsecticide products
Image: AgroSavfe secures series C funding. Photo: Courtesy of Pete Linforth/Pixabay.
Belgian crop and food protection company AgroSavfe has secured €35m (£32m) in series C funding from existing investors.
The funding was provided by existing investors including Gimv, Sofinnova Partners, PMV, Agri Investment Fund, K&E, Biovest, Madeli Participaties, VIB and Qbic. New investor, Ackermans & van Haaren joined the funding round by investing €10m (£9.16m).
AgroSavfe is developing a new generation of protein-based biocontrols to protect food across all stages.
Founded in 2013, AgroSavfe is a spin-off of Vlaams Instituut voor Biotechnologie (VIB), which developed a new technology platform to design protein-based biocontrols that are safe, sustainable and efficient in protecting seeds, crops and food.
AgroSavfe will use the funding to increase scale for production
AgroSavfe will use the funding for the development, registration and commercial-scale production of its biofungicide and bioinsecticide products. It will also continue to strengthen its organisation.
The firm is expected to launch its first biofungicide product in 2022 for the fruit and vegetable market in the UK, followed by the launch in Europe and other regions.
Additionally, the funding will also support the accelerated development of new pipeline with applications in critical food and crop pests and diseases.
AgroSavfe CEO Patrice Sellès said: “AgroSavfe is rapidly growing as a competitive player in the biocontrol space for food protection based on our unique AGROBODY™ Foundry Platform and our ability to provide growers and food chain actors with innovative, safe and cost-effective solutions aligned with consumers’ demand.
“Having such a diverse and strong team of investors joined by Ackermans & van Haaren is a fantastic asset for the long-term ambitions of our company.”
Since 2017, the company has conducted more than 100 field trials and its biofungicie is claimed to have shown strong performance, competing with synthetic chemical solutions, without the presence of any residues.
The company further stated that its solutions can benefit the environment, adding more value to farmers’ produce and can also help meet consumers’ demand for healthier food. Beyond the field, its product candidates also showed significant impact on food protection and quality along the value chain, offering new solutions to reduce food loss.
Ackermans & van Haaren official Piet Bevernage said: “We are very enthusiastic to be able to support the further growth and development of AgroSavfe. The company has a clear strategy, a unique technology platform, an excellent management team and experienced biotech investors.
“This combination will enable AgroSavfe to play an important role in the biological crop and food protection market and to provide a sustainable solution to major challenges of the agricultural sector, such as population growth, yield increase, food loss and the demand for safe and healthy food.”